Title
Chief Administrative Office recommending the Board consider the following:
1) Adopt Resolution 046-2015 approving proposed revisions to the California Home Finance Authority Joint Powers Agreement; and
2) Authorize the Chair to sign the revised Joint Powers Agreement contingent upon review, minor modifications and approval by County Counsel and Risk Management.
Body
Background
The California Home Finance Authority (CHF) is a public entity that was formed as a Joint Powers Authority in 1993. El Dorado County has been a member since inception. Its membership consists of 33 California counties who each appoint one Supervisor from their Board of Supervisors to sit on the CHF Board of Directors. (Note: The CHF was formerly known as the California Rural Home Mortgage Finance Authority [CRHMFA].The name was changed by Resolution in 2003.) The primary purpose of the CHF is to develop and administer programs to provide a source of financing for individuals and families to purchase a home or to make energy efficiency improvements to their existing homes.
The following programs are offered to El Dorado County residents through the CHF.
CHF Down-Payment Assistance Grant Program:
This program provides down payment assistance to low-to-moderate income individuals and families purchasing a home in California as their primary residence. The down payment assistance is in the form of non-repayable grants. Homeowners are not required to be first-time homebuyers.
CHF Residential Energy Retrofit Program:
This program is designed to assist homeowners with making energy efficiency and renewable energy improvements to their homes, through market interest-rate loans.
CHF Mortgage Credit Certificate Program (MCC):
The CHF MCC Program is designed to help make homeownership of new and existing homes more affordable for individuals and families with low-to-moderate incomes by allowing a qualifying homebuyer to claim a tax credit for a portion of the mortgage interest pa...
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